Flipping is not dead! There are an elite group of pros that can make a good living by flipping properties. I see fantastic deals on condos and homes that if bought by the right investor can be fixed up and flipped for a decent profit (sorry no doubling your money in 60 days type deals. Those are for HGTV in some sleepy city in the Southern US) or fixed up and rented as a long-term rental property (I love these kind).  Unfortunately I also see uneducated real estate investors make some pretty basic mistakes and end up loosing their shirts. My advice is if you're going to invest in Real Estate take the time to learn how to do it right. Don't just jump in and try and hit it out of the park with your first deal. Talk to the pros; get e ...

Selling a tenanted property can be a tricky proposition these days. When I get a phone call from a client wanting me to sell their tenanted property I have a quick list of questions that I ask to see how we want to go about it. In BC you cannot give a tenant notice to vacate until a firm offer is in place. Then you need to give him or her 2 clear months to vacate plus 1 months rent as compensation. The first question I ask is it a fixed term tenancy and if so when does it end? If it's ending soon... great let's wait until just before the tenancy ends and we'll list it. If it doesn't end for a while or it's a month to month we have to look at plan B. I suggest we use a form called a "Mutual Agreement to End Tenan ...

If you are living in a condo that has a rental restriction or thinking of buying one with restrictions you should know that according to CMHC having a rental restriction shaves 6% off the VALUE of your unit. Having a pet restriction takes another 5% off the VALUE. In Vancouver and Richmond having these 2 restrictions can take off as much as 15% or more. People have their own reasons for passing a restriction on rentals and pets.  There are pros and cons for having both. I have had people tell me they don't want renters because they don't take care of the building or they don't want people constantly moving in and out, etc. Personally I don't think those 2 reasons justify the amount of equity you are leaving on the table by having r ...

If you're buying a condo or strata property make sure you have all the proper insurance in place. Most people know about contents insurance to cover their possessions but you also need to protect yourself against liability. Remember, you are responsible for any damages arising by you or from within your unit. So if your dishwasher or washing machine overflows and floods your unit along with all the units below you and causes $80,000 in damage, the insurance company will pay for the repairs but guess what? They are going to come after you for the $80K and if you don't have the money they will sue you and put a lien on your property. This is serious situation that can be eliminated very easily with the proper ...

There are 4 key dates in all Real Estate transactions:1. Acceptance date - this is the date the buyer and seller agree to the price 2. Subject removal date - this is usually 7-10 days after acceptance. A buyer will want to build in some conditions before he completes on the sale. The most common subject clauses are "subject to getting a home inspection", "subject to getting approved for a mortgage" and if it's a condo "subject to getting copies of all the strata documents". 3. Completion date - this is the date the money is exchanged from the buyer to the seller via their lawyers or notary and the day the title to the property is transferred at the land titles office. 4. Possession date -- this is usually 1 or 2 d ...

Apparently 2012 is going to be one of the biggest years ever for mortgage renewals in Vancouver. If that's you then I'm sure you've been counting down the days as mortgage rates are far lower today than they were 4 or 5 years ago when these mortgages were last renewed or taken out. When you go into your bank, your mortgage representative should give you several options. Option 1 is simply to pay your monthly or better yet bi-weekly mortgage payment based on your new lower rate. Now I realize the extra cash each month is going to be nice to have. Maybe take a vacation? maybe take in a Canucks game? Add more to your RRSP?How about option 2 - Keep your payment the same, you were used to paying that anyway and have ...

I get emails all the time with people asking me the age old question..."from a pure investment standpoint what type of property will give me the maximum or even best chance for appreciation over time?" In my experience and based on historical statistics detached homes have generally appreciated much better than condos over time. Nothing wrong with buying a condo when you're first getting into the real estate market, chances are your first few homes will be condo or townhouse properties. It sure beats renting especially with these record low interest rates. Condos can also be a simple lifestyle purchase... empty nesters selling their detached home, downsizing and looking for a low maintenance home in the heart of ...

The timing on when you get a home inspection is different depending whether it's a detached home or a condo. With a detached home I do a fair bit of due diligence on the property for my buyer before he even puts in an offer. This includes making phone calls and checking all the proper maps with City Hall to see if there are any unusual rights of way or encumbrances on the properly. Has the home ever been used as a grow-op? Was there an oil tank on the property and if so was it removed properly? After it passes those checks we can put in an offer and if accepted I advise my buyer to book a home inspection from a list of well qualified home inspectors that I am familiar with. On a condo or Strata property, you wan ...

Sure it's expensive to buy a place in the Lower Mainland but I have to wonder if some of the frustrated people calling into the Bill Good show have actually talked to an experienced Realtor, gave him a budget and had a look at what's available in their price range. Not everything is priced over a million dollars as the media would have you believe and with today's record low interest rates it might be more affordable than you think. I just sold a young family of 4 their first home. It's a fully renovated 3 bedroom condo in West Richmond which is steps to shopping, Steveston Village and plenty of recreational facilities for $300K. That's a good value for living in a prime Richmond location and being only 25 min t ...

Thought I'd share with you a few deals that came across on my daily hot sheets this week. First is the GOOD - an 18 year old 1,300 sq ft Yaletown condo sold for under $600/sq ft with 2 parking spots. That's a good buy for a large Yaletown condo. I'm skipping the BAD and going straight to the UGLY - a pre-sale condo out at UBC. Sure it's a very nice West side location but at 1.1 million for 1000 Sq ft., on leased (rented land) and won't be built until late 2013. Hope this was a lifestyle purchase. For not much more you can buy a fully detached starter home on the West side or a very nice East side home in a HOT neighborhood. That detached home will increase in value much better than a condo on leased land in my opinion.